TVS Motor Company Ltd has obtained approval from its board of directors to divest majority stake in TVS Energy Limited, a subsidiary company, subject to certain related conditions, the Chennai-based firm told the stock exchanges on Thursday.
TVS Energy has already attracted a few players, including PE-backed Green Infra, Sriram groupís Orient Green Power, among others, as suitors. It is likely that the deal will fructify in the next few days. The company may announce the deal during its first quarterly results.
Chairman and MD Venu Srinivasan could not be contacted despite repeated attempts when FE tried to reach him for further details. Sources said that TVS has been looking out for a buyer for quite sometime as wind energy was found to be a non-core business for the company. It found the wind energy business too capital intensive, sources added.